5 Reasons You Need a Digital Marketing Strategy in 2021
Updated: Dec 29, 2020
2020 has seen all kinds of challenges and setbacks for businesses. Yet it has also presented a myriad of opportunities on the digital front. With the convergence of businesses big and small into the online space, it is more crucial than ever before to have a digital marketing strategy in 2021.
An effective and cost-efficient digital marketing strategy can not only propel your business to the forefront of your ideal customer, but it can also set your business apart from your competitors. A digital marketing strategy that is aligned with your business’ goals and values can create the desired brand and recognition your business deserves and improve conversion rates, Hence, increasing revenues and profit margins.
What Makes a Good Digital Marketing Strategy?
If you think that there is a one-size-fits-all strategy that can be duplicated across all industries, think again. The most effective digital marketing strategies are tailored to specific businesses and customized to meet your goals.
Digital marketing strategies range in scope and sizes, and can include anything from social media strategies, paid ads and sponsored posts, retargeting ads, to public relations efforts. These strategies are developed based on many factors that include industry trends, market reports, and the digital landscape targeting your ideal audience. The most competitive and innovative strategies are derived from industry professionals who are experienced and understand what the market needs to put you in the front of a potential customer.
Developing a Digital Marketing Strategy
Creating a strategy is more than just piecemealing a few paid ads and slapping on several social media posts. A conducive strategy requires the careful planning and implementation or integrated tools and efforts to create an overall approach that highlights the value of what you are offering.
Before you can create an effective strategy, it is important to set concise goals that are realistic and achievable. Based on these goals, there is a lot of research that goes into discovering the current market trends, how much ad spending is going to cost you, and what your competitors are doing. All of this information will provide insights to the type of strategy you will need to create in order to successfully penetrate the digital arena.
If you do not have a digital marketing strategy yet, here are 5 reasons why you will need one this year.
You do not have a large online presence.
Before the COVID-19 pandemic, many business owners thought that their brick-and-mortar store would be sufficient in generating sales and making money. Most businesses that once relied on traditional marketing methods have seen a stagnation in the acquisition of new customers and retaining old ones. If you tried transiting online and are struggling to grow a significant presence, a digital marketing strategy is what you need. Simply creating a Facebook or Instagram profile will not increase your visibility. A website will go unnoticed if it is not promoted. An ecommerce store will not generate new sales if no one knows about your products or services.
An online presence is necessary in today’s marketplace. Many businesses are stumped when they do not see more “likes” or “followers” and realize that all that money spent on a new website has gone to waste. Without an integrated strategy, your potential customer is going to go with the best option that they can find. And you can bet it isn’t yours!
You lack direction and focus on the digital space.
There are so many options to choose from in today’s digital space. Each online tool serves a different purpose and leads to a different goal. A well-integrated digital marketing strategy seamlessly merges these tools for the most effective reach and targeting. If you are throwing dollars at boosting ads while spending hours creating sales emails with little to no response, you are not really focused on growing your brand or business. You might get a new customer every now and then, but for the effort and money invested, it is not really worth it. In fact, your acquisition cost is so high that you will not recover your initial investment.
You aren’t sure where to spend your money online to reach your customers.
It can be confusing on what the best platforms and tools are to invest your marketing budget. What if this does not pay off? Or maybe you won’t generate any new sales from that?
Now, imagine if someone told you which penny slot machines to throw your last coin in. Wouldn’t that be a lot easier? A well-developed strategy identifies WHERE your target market is and HOW to reach them. Take the guess work out of planning for the future of your business.
Your current marketing plan is not generating you new sales or customers.
Yes, we know. If you fail, try, try again. But throwing money into strategies that are not generating revenue for you is pure insanity! A marketing strategy that clearly defines your value proposition and target market will open up new opportunities to reach your potential customer and retain existing ones, and ensure that you can account for all the money you spent. Your marketing plan should be growing and sustaining your business, not sinking it.
Your business has not grown the entire year.
Well, let’s put it this way. If you have not had any increase in profits or revenues, or if you notice that you are not attracting any new customers in the past six months to a year, something is awfully wrong. Digital marketing strategies aim at increasing customer acquisition and conversion rates to ultimately increase sales. If you aren’t growing, you need to rethink your current marketing efforts.
Great marketing strategies include detailed analysis and reports that indicate what your ROI (return-on-investment) is and how effective your campaigns have been. These reports are a vital part of your business as they highlight areas of opportunities and areas that need to be improved. They also provide feedback on what customers think or feel about your products or services.
If you have experienced any of the above and are struggling with growing your business in the digital realm, consider a professionally-developed digital marketing strategy to help your business in 2021.